IN THE ITAT MUMBAI BENCH ‘G’
Gurinder Singh Bawa
Versus
Deputy Commissioner of Income-tax
IT APPEAL NOS. 2075 & 2669 (MUM.) OF 2010
[ASSESSMENT YEAR 2005-06]
NOVEMBER 16, 2012
ORDER
Rajendra Singh, Accountant Member
These cross appeals are directed against the order dated 28.1.2010 of CIT(A) for the assessment year 2005-06. The disputes raised in these appeals relate to legal validity of additions made under section 153A of the Income Tax Act, 1961 as well as merit of additions under section 68 and section 2(22)(e) of the Act.
2. Before we proceed to deal with the issue raised, it will be appropriate to give a brief background of the case. The facts in brief are that the assessee for the assessment year 2005-06 had filed return of income on 18.08.2005 declaring total income of Rs. 9,61,000/-. Subsequently, there was a search conducted in case of the assessee and its family members under section 132 of the Act on 5.1.2007. Consequent to the search, assessment proceedings were initiated under section 153A of the Act. The AO during the assessment proceedings for assessment year 2005-06 found that the assessee had credited sum of Rs. 93,72,310/- to his capital account with narration receipts towards gifts. Assessee gave details of activity as under:-
